California Pollution Control Financing Authority: name change.

Assembly Member Solache proposes transforming the California Pollution Control Financing Authority into the Capital Programs and Climate Financing Authority, expanding its mandate beyond environmental protection to encompass broader climate and economic development initiatives.

The legislation maintains the authority's three-member structure - comprising the Director of Finance, State Treasurer, and State Controller - while broadening its scope to administer new financing programs. These include targeted assistance for small businesses implementing environmental compliance measures, support for employee ownership transitions, and funding for seismic retrofitting and Americans with Disabilities Act modifications. The authority would also oversee bond issuance for utility projects and manage programs promoting sustainable development and brownfield remediation.

The bill establishes specific mechanisms for program implementation, including a new Employee Ownership Hub under CalOSBA to facilitate business transitions, and modified Capital Access Loan Programs offering up to $250,000 for seismic safety improvements and $50,000 for ADA compliance projects. It also creates frameworks for rate reduction bonds to finance utility projects, with provisions for oversight and consumer protection through utility project charges.

For local jurisdictions, the legislation introduces new requirements and enforcement mechanisms related to organic waste reduction, while providing relief options for communities facing implementation challenges. The bill maintains existing funding streams rather than requiring new appropriations, instead optimizing current resources through refined allocation methods and expanded program eligibility criteria.

The authority's power to issue rate reduction bonds would sunset in 2036, providing a defined timeline for this aspect of its operations while leaving other programs ongoing. Throughout its provisions, the bill emphasizes transparency through mandatory reporting requirements and public oversight mechanisms.